Sending money from one country to another can be very easy and affordable when you know how to transfer money online. We live in a technology-driven world, and you can access a digital banking app or website that offers international money transfers.
The good news is, you must not have a debit card to send funds abroad. With the help of online money transfer services, you’ll save more time and money on transaction fees. Debit card money transfers tend to be more expensive than online funds transfers.
That said, let’s dive in and look at some of the best options.
Thankfully, there are many ways to send funds electronically. This guide explores some of the best ways to transfer money online without the need for a debit card.
Here are some of the options to consider.
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Knightsbridge Foreign Exchange is a Canadian foreign exchange company. Based in Toronto, they offer extensive currency exchange services to clients across Canada. With their assistance, you can send money to your loved ones abroad affordably.
KnightsbridgeFX understands that you need to save money on every international fund transfer. That’s why they offer competitive and consistent bank-beating rates to help you save thousands of dollars. They offer the lowest currency exchange rates.
The good news is that KnightsbridgeFX guarantees funds security, thanks to their operations under FINTRAC regulations. KnightsbridgeFx is registered with FINTRAC under the MSB registration number M09819788. All the transactions you perform through the company are transparent, secure, and designed to ensure your funds’ safety.
Another incredible method to transfer money online is through Hyperwallet. With its headquarters in Vancouver, it has become popular in Canada. The company provides international funds transfers from the country to other 28 countries.
If you want to send money from Canada to the United States, you can also opt for the company’s email money transfer services. Hyperwallet also offers foreign exchange services, mobile airtime transfers, and mass business payments in Canada.
Since its establishment in 2000, Hyperwallet has also been a trusted payment provider for more than 200 credit unions. It offers easy and quick access to funding transfer services to members through their respective credit union accounts.
Headquartered in San Francisco, Xoom is an online international fund transfer service, allowing users to send money to their loved ones in 70 countries. You can use a mobile phone or a tablet to carry out the transactions. The company was founded in 2001.
Xoom specializes in fast money transfers. While you can transfer up to $25,000, the company limits the amount to $10,000 for some countries. If you don’t have a debit card, you can pay by bank account, and the transfers will arrive in a few minutes.
The good news is that Xoom has partnered with big banks in other countries, allowing users to deliver funds to the recipients’ bank accounts very fast. Not to mention, it offers better exchange rates for transferring higher amounts of money to some countries.
If you spend much of your time online, you’ll realize that most businesses prefer PayPal transfers. It is the most popular international online funds transfer service with over 260 million active accounts globally. Not to mention, it offers a high transfer maximum.
PayPal allows free transfers in the United States when you fund the account with a bank account and PayPal balance. Making payments with a credit card attracts hefty fees. You’ll pay a fee of 2.9 percent of the total amount you are sending plus 30 cents.
Besides transferring money online, PayPal can also be helpful in online purchases or subscriptions of online services. To create a PayPal account, you’ll need your email account. When you sign up, you can link your bank account and transfer funds.
Venmo is an excellent online transfer service ideal for international money transfers. It is highly rated for Android and iOS phones, making it the most popular payment method among millennials. You can even include messages with each payment.
Two students from the University of Pennsylvania founded Venmo in 2009 to build a PayPal alternative for the younger generation. Currently, PayPal owns the app, which combines an easy-to-use interface with a primary social media platform.
Venmo is one of the cheapest online money transfer methods. Unfortunately, it is only available for U.S. residents. Since it doesn’t operate internationally, you can opt for other transfer methods when sending money overseas.
As one of the biggest funds transfer companies globally, Western Union boasts many online money transfer options. When you check the company’s price estimator tool online, you will see about a dozen payment options and delivery methods.
With Western Union, you can transfer money from its website or mobile app to your preferred destination. You can make payments using your bank account, credit card, or even debit card. Alternatively, you can send the money from a nearby agent using cash.
The good news is, this giant company works in more than 200 countries and territories worldwide. The funds delivery period and transfer fees vary, depending on the transfer options. Some transactions may be complete within a day, while some may take days.
Now that you know how to transfer money online using various methods, you need to select an option to fulfill your needs.
The following tips and ideas will help you make an informed decision.
With many online money transfer options available, sending money to your loved ones has never been this easy. All you should do is compare the pros and cons of every choice and select the most convenient and affordable one. Thankfully, you now know some of the tips on how to transfer money online.
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KnightsbridgeFx is registered with FINTRAC, under the MSB registration number M09819788. Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.
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